Western Midstream(US:WES)2021-08-10 16:18Financial Performance - Western Midstream Partners (WES) reported an operating cash flow of $452.1 million [16] and free cash flow of $379.8 million [16] for the second quarter of 2021 [15] - Cash distributions paid in the second quarter of 2021 amounted to $133 million [16], while cash distributions declared were approximately $134.7 million [17] - Net income for the second quarter was $226 million [18], and Adjusted EBITDA reached $491 million [18] - The company's 2021 Adjusted EBITDA guidance is set between $1825 million and $1925 million [21], with total capital expenditures projected between $275 million and $375 million [21] - WES targets a leverage ratio of ≤ 40x by year-end 2021 [21], and anticipates a per-unit cash distribution of ≥ $124 for the full year [21] Operational Performance - Natural-gas throughput for the second quarter of 2021 was 4265 MMcf/d [27], with an adjusted gross margin of $121 per Mcf [27] - Crude-oil and NGLs throughput reached 687 MBbls/d [27], yielding an adjusted gross margin of $240 per Bbl [27] - Produced-water throughput was 688 MBbls/d [27], with an adjusted gross margin of $092 per Bbl [27] - WES anticipates high-single-digit growth in gas throughput, mid-single-digit growth in oil throughput, and high-teens growth in water throughput for 2021 [29, 30] Asset Portfolio and Strategy - The Delaware Basin contributes 41% of asset EBITDA, with gas, oil, and water accounting for 64%, 17%, and 19% respectively [36] - The company's revenue is primarily generated from the Delaware Basin (46%) and the DJ Basin (38%) [47], with total capital allocated 68% to the Delaware Basin and 10% to the DJ Basin [47] - WES's asset portfolio includes 23 gathering systems, 71 processing & treating facilities, 6 natural-gas pipelines, and 15 crude-oil/NGLs pipelines, totaling approximately 17000 pipeline miles [46]